Phenol Prices

Phenol Prices June 2024

During the second quarter of 2024, the phenol prices in the United States reached 1082 USD/MT in June. The country experienced price increases driven by complicated supply chain problems and seasonal consumption. Rising freight rates due to regional conflicts impacted costs. Despite elevated borrowing prices affecting manufacturing, producers managed to maintain an equilibrium between supply and demand, leading to a stable yet favorable pricing landscape.

Japan's phenol market in Q2 2024 saw notable price fluctuations due to seasonal demand shifts and strategic price increases by manufacturers. Limited supply and rising raw material costs, alongside restructured petrochemical operations, contributed to a steady and optimistic market landscape, supported by strong demand from downstream sectors and strategic industry placement. The quarter ended with phenol priced at 947 USD/MT in June.

Germany saw significant price changes in its Phenol market during Q2 2024, driven by seasonal trends and increased summer crude oil demand. Rising raw material costs and global supply pressures further influenced the market. Despite challenges, the pricing environment remained strong, reflecting a positive trajectory amid ongoing price volatility and economic adjustments. The quarter ended with Phenol priced at 1571 USD/MT in June.

Phenol Prices March 2024

During the first quarter of 2024, the phenol prices in the United States reached 1061 USD/MT in March. The market saw a notable rise in Phenol prices due to increased upstream Benzene costs and crude oil supply concerns. Production disruptions, like those at INEOS Phenol's Alabama plant and Shell Chemicals' Texas facility, further tightened supply, contributing to the bullish market sentiment and higher prices in the Phenol market.

Japan's Phenol market witnessed a significant price decrease, driven by subdued consumption across end-user sectors such as construction. The overall market sentiment was negative, exacerbated by the Chinese New Year holidays, lowered procurement activities, and economic slowdown, which collectively led to lower Phenol prices in the country. The quarter ended with phenol priced at 889 USD/MT in March.

In Belgium, Q1 2024 saw a marked hike in Phenol rates, driven by rising feedstock Benzene costs and reduced manufacturing prices. The market remained bullish, reflecting higher production expenses and limited accessibility to finished goods, which together contributed to the steady price hikes in the region. The quarter ended with Phenol priced at 1643 USD/MT in March.

Phenol Prices December 2023

The phenol prices in the United States for Q4 2023 reached 1415 USD/MT in December. The prices remained high toward the end of 2023, influenced by heavy requirements from the Bisphenol A sector and a steady pace in construction activities. Market conditions improved as manufacturing activity stabilized, and goods flow increased due to resolved labor issues at ports, supporting the overall market dynamics for Phenol.

The price trend for phenol in China for Q4 2023, reached 1120 USD/MT in December. The market in late 2023 experienced downward pressure, primarily due to reduced demand from the Bisphenol A industries and weak crude oil prices impacting production costs. The slow recovery in manufacturing activities further affected market sentiment, leading to subdued pricing trends in the region during this period.

The price trend for phenol in Europe for Q4 2023, reached 1190 USD/MT in December. In this quarter, the market faced low demand from downstream industries and buying power contraction due to inflation. Although production remained stable, high inventories, and dependent production costs declined on the back of lower natural gas prices, Phenol markets continued to exhibit bearish sentiment throughout the quarter.

Regional Coverage

The report provides a detailed analysis of the phenol market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the phenol price trend.

Global Phenol Price

The report offers a holistic view of the global phenol pricing trends in the form of phenol price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into phenol historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into phenol price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed phenol demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape. 

Europe Phenol Price

Q2 2024:

Europe saw various trends during Q2 2024 due to multiple factors influencing the market. Initially, consumption across the Bisphenol A sector remained low, leading to reduced procurement of phenol and lowered offers from manufacturers. Limited backing from Benzene further impacted the phenol pricing landscape. End user manufacturing functioned at diminished rates due to sufficient stock availability. However, rising crude oil prices and increased freight rates nearing June pushed Phenol prices higher.

Q1 2024:

Europe saw a notable rise in product cost, driven by increased feedstock Benzene rates and crude oil supply issues stemming from OPEC+ production cuts. These factors elevated manufacturing costs and restricted product accessibility, boosting its market rates. Phenol prices experienced the most significant increases in Belgium due to these cost pressures. The market sentiment remained bullish, as manufacturers faced higher expenses and reduced production rates. Additionally, the limited availability of finished goods continued to support the upward price movement. Overall, the European Phenol market in Q1 2024 reflected a strong price increase, influenced by a combination of supply constraints and higher production costs.

Q4 2023:

The market in the last quarter of 2023 faced a downturn, characterized by reduced requirements from Bisphenol industries and reduced purchasing power due to ongoing inflation. Production levels were moderate, and ample inventories of finished goods were maintained, even as natural gas prices declined due to mild winter conditions and high storage levels. The shutdown of a major Phenol plant in December did not notably affect supply, as demand remained weak, particularly in the construction sector. European markets continued to grapple with economic pressures, leading to a noticeable drop in Phenol prices throughout the region.

This analysis can be extended to include detailed phenol price information for a comprehensive list of countries.

North America Phenol Price

Q2 2024:

North America saw a sharp increase, largely due to escalating production costs linked to elevated crude oil rates. OPEC+ upheld an optimistic view on global oil consumption, driving prices up. Moreover, growing demand from construction sectors helped reinforce the hike in phenol prices. In the U.S., intricate supply chain issues and variations in fluctuating demand significantly impacted the market. Higher freight rates due to regional conflicts also contributed. However, elevated borrowing rates strained the manufacturing sector. Regardless of these hurdles, producers kept an equilibrium between supply and demand, closing the quarter with stable and favorable pricing trends.

Q1 2024:

During Q1 2024, phenol prices in North America rose, primarily driven by increasing costs of feedstock Benzene, which escalated manufacturing expenses. The petrochemical industry faced additional pressure due to supply concerns regarding crude oil following OPEC+ production cuts. This combination of factors led to decreased manufacturing rates among producers, further reducing the accessibility of phenol and pushing prices higher. Demand strengthened with increased inquiries from downstream sectors like Bisphenol A. Market supply was further strained by production disruptions, including a freeze-induced shutdown at INEOS Phenol's Alabama plant and outages at Shell Chemicals' Texas facility, driving prices higher.

Q4 2023:

Phenol prices in North America remained elevated toward the end of 2023, driven by increased inquiries from the bisphenol sector. Despite economic challenges, construction activity has shown resilience in the residential segment, supporting phenol demand. The U.S. market witnessed a stabilization in production activities, with the Manufacturing Purchasing Managers' Index (PMI) indicating improving operating conditions. The resolution of labor issues at U.S. West Coast ports and eased restrictions at the Panama Canal have shifted the flow of goods back, boosting Phenol market fundamentals. However, production interruptions, such as the Force Majeure event at Shell Chemicals' Texas plant, coupled with seasonally weak demand, affected overall market dynamics.

Specific phenol historical data within the United States and Canada can also be provided. 

Middle East and Africa Phenol Price

The report explores the phenol pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on phenol prices for countries can also be provided. 

Asia Pacific Phenol Price

Q2 2024:

The Asia Pacific phenol market in Q2 2024 saw robust growth driven by tight supply, increased consumption across key end-user industries, and surging rates of crude oil. Supply challenges were intensified by manufacturing constraints and trade demands, whereas geopolitical conflicts elevated crude oil costs, raising the price of raw materials as well as phenol. Although buyers adopted a cautious stance with smaller orders, recovery due to post-festivities consumption and higher production costs supported trading volumes.

Q1 2024:

Asia Pacific region showed a downward trend due to various market dynamics. Japan witnessed notable price reductions at the start of the quarter, largely due to sluggish consumption across end user sectors, including construction. Besides this, the market inactivity in China during the Spring Festival and overall lower procurement added to the negative sentiment. The economic slowdown, diminished consumer expenditure, and escalating inflation, further pressured prices downward. By the end of the quarter, the market remained subdued, with Phenol prices continuing to decline. These factors collectively led to a challenging environment for the Phenol market in the Asia Pacific region.

Q4 2023:

In the Asia Pacific, the market prices experienced a downturn in late 2023 due to subdued demand from the Bisphenol A industries and a sluggish recovery in manufacturing rates. Elevated crude oil inventories in the U.S. and declining crude oil prices impacted production costs, while weak market activity in China further suppressed demand. Japan witnessed the most significant price changes, influenced by moderate phenol availability and economic stimulus measures supporting its gradual recovery. However, phenol prices in Japan still followed a downward trend, reflecting overall negative market sentiment in the region during this period.

This phenol price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Phenol Price

The analysis of phenol prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Phenol Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Phenol Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition,” offers an in-depth analysis of phenol pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of phenol at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of phenol price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing phenol price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Phenol Market Analysis

The global phenol industry size reached US$ 23.4 Billion in 2023​. By 2032​, IMARC Group expects the market to reach US$ 33.6 Billion, at a projected CAGR of 4.0% during 2023-2032.

• Phenol is widely used to manufacture plastics, especially polycarbonates and epoxy resins, both of which are essential precursors in the electronics, automotive, and construction industries.
• The production of phenol experienced an upward trajectory due to innovations in the production process of phenol, leading to more cost-effective and efficient manufacturing methods, consequently lowering prices and increasing market supply.
• According to the report of the National Center for Biotechnology Information (NCBI) [2021], every year 3 billion kilograms of pesticides are used worldwide. The growing employment of phenol in manufacturing pesticides to prevent the negative impact of pests in agricultural practices is offering a favorable market outlook.
• Stringent environmental regulations to reduce the impact of chemical pollution in the environment are leading to the development of more sustainable production processes of phenol, along with new formulations that do not corrode the environment.
• The wide availability of benzene and propylene, derived from crude oil, is positively influencing the phenol market, as they play a crucial role in producing phenol.
• The burgeoning cosmetics industry is catalyzing the demand for phenol due to its utilization as an active ingredient in sunscreens and skin lighting creams. As per IMARC Group’s report, the global cosmetics market is expected to reach US$ 618.7 Billion by 2032 as compared to US$ 400.6 Billion in 2023.
• The demand for phenol is further amplified by its use in the production of several chemical compounds, such as lubricants, dye stuffs, and plasticizers.
• People are preferring more environment friendly and sustainable products, which, in turn, is driving the demand for phenol, particularly to produce biodegradable plastics and other green alternatives around the world.
• Several developing countries are experiencing rapid urbanization and industrialization across the globe. This represents one of the key factors catalyzing the demand for phenol in the construction and consumer goods industries.

Phenol News

The report covers the latest developments, updates, and trends impacting the global phenol industry, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in phenol production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the phenol price trend.

Latest developments in the phenol industry:

•  In 2023, Cepsa Quimica SA produced circular phenol from discarded single-use plastics, such as plastic bags and cutlery, to reduce plastic pollution.
• In 2023, INEOS Phenol acquired Mitsui Phenols Singapore Ltd from Mitsui Chemicals to add Jurong phenol and BPA asset in their existing portfolio.

Product Description

Phenol, widely known as carbolic acid, is an aromatic organic compound, comprising a phenol group with hydroxyl group. It is a colorless to white crystalline solid that has a peculiarly sweet and tar-like odor.

Primarily produced synthetically in laboratories, traditionally phenol was derived from coal tar. Nowadays, it is produced through the oxidation of cumene to form cumene hydroperoxide, which is further split into phenol and acetone.

It is widely used to produce phenolic resins, which are essential raw materials as adhesives and binders in the automotive, construction, and electronics industries. Its efficiency in manufacturing polycarbonates and epoxy resins, used in protective coatings and DVDs, highlights its versatility and role in various applications. It also plays a critical role in the pharmaceutical and agriculture industries to synthesize various medicines and pesticides.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of phenol pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting phenol price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The phenol price charts ensure our clients remain at the forefront of the industry.